Gakpo, who scored three goals at the World Cup for the Netherlands, had previously been linked with a move to Liverpool's rivals Manchester United.

"PSV and Liverpool FC have reached an agreement on the proposed transfer of Cody Gakpo," PSV said in a statement.

"The 23-year-old attacker will leave for England imminently where he will be subjected to the necessary formalities ahead of the completion of the transfer."

PSV general manager Marcel Brands said the transfer fee would be a club record for the Dutch club.

According to reports, the fee could rise to as much as 50 million euros ($53 million, £44 million).

Gakpo's arrival is a further rejuvenation for Liverpool's frontline after the signings of Luis Diaz and Darwin Nunez in the past year.

The Reds sit sixth in the Premier League, five points outside the top four places that secure qualification to the Champions League after a poor start to the season.

But Jurgen Klopp's men secured a third consecutive league win by beating Aston Villa 3-1 on the Premier League's return to action after the World Cup on Monday.